Building Details

Building Size 41,752 SF

Year Built 1961

Buildings 1

Stories 1

Construction Block

Tenancy Single

Listing Agency: NAI Farbman

Listed By: Brian Crawford · License #6501297834 Show Phone

Source: Cpix.resimplifi

Added: Feb 22, 2023 Changed: Oct 8 Last Checked: Oct 16 at 5:52AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NAI Farbman

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

This freestanding, single-occupant facility is currently used for manufacturing and distribution. The improvements include a block exterior, steel columns, and recent upgrades, along with electrical service estimated at 2,000 amps at 277/480V. Loading infrastructure includes two truck docks and two grade-level doors.

The property encompasses 3.70 acres at 24900 Capitol in Redford, Michigan. Its existing configuration combines industrial building improvements, substantial power capacity, and separate truck and grade-level loading access for ongoing manufacturing and distribution use.

Key Highlights

• 3.70‑acre manufacturing and distribution property
• Estimated 2,000‑amp service at 277/480V
• Two truck docks and two grade‑level doors

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$203,069

Cap Rate

8.12%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,061,380 $4.1M

Cap Rate 7%

$2,900,986 $2.9M

Cap Rate 9%

$2,256,322 $2.3M

Is this asking price fair?

Market Conditions

NOI Build-Up for 41,752 SF

Gross rent

$305.6K $7.32/SF

− Vacancy

−$15.5K −$0.37/SF

EGI

$290.1K $6.95/SF

− OpEx

−$87.0K −$2.08/SF

NOI

$203.1K $4.86/SF

Area

Detroit, MI

Vacancy

5.08%

Lease Rate

$7.32 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,061,380

Cap Rate 7%

$2,900,986

Cap Rate 9%

$2,256,322

Alternative Uses

Best Use

Warehouse

$4.25M

$3.72M – $4.96M (±1% cap)

NOI $297,517 @ 7.0% cap · market cap 11.90%

Second Best

Industrial

$2.90M

$2.54M – $3.38M (±1% cap)

NOI $203,069 @ 7.0% cap · market cap 8.12%

Theoretical Best

Office A

$9.21M

$8.06M – $10.75M (±1% cap)

NOI $644,746 @ 7.0% cap · market cap 25.79%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Manufacturing properties

Suggested Use

Top Pick Real Estate Agency Dental Office Restaurant Law Firm Spa & Massage Center Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Dock-high doors

2

Drive-in doors

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

412

Businesses Nearby

Explore this area Business Placement

Demographics for 48239, MI

36,814

Population

14,869

Households

2.5

Avg Household Size

40

Median Age

23%

College-Educated

93%

High-School Grad

9.5 sq mi

ZIP Area

3,875

Density / Sq Mi

$69,373

Median Household Income

$41,113

Median Earnings

$1,355

Median Rent

$145,900

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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Frequently Asked Questions

What type of property is this?

Manufacturing property - Single-occupant facility configured for manufacturing and distribution operations with dedicated loading access.

Where is this manufacturing property located?

The property is located at 24900 Capitol Redford, MI.

What is the asking price?

The asking price for this property is $2,500,000.

What are key features of this property?

This property features: 3.70‑acre manufacturing and distribution property; Estimated 2,000‑amp service at 277/480V; Two truck docks and two grade‑level doors